Nomura Buy Calls 2026: 6 Stocks With Upside Up To 62%

Nomura has turned constructive on select Indian stocks across defence, ports, consumer staples and e-commerce, assigning ‘Buy’ ratings to six names with stated upside potential ranging from 20% to 62%. The brokerage’s case is built on a mix of order visibility, demand recovery, operational execution and sector-specific tailwinds. At the same time, Nomura flags that conditions remain risky, with supply chain and geopolitical disruptions still in focus.

The six stocks highlighted are Hindustan Aeronautics (HAL), Adani Ports and Special Economic Zone (APSEZ), Dabur India, Marico, Godrej Consumer Products (GCPL), and FSN E-Commerce Ventures (Nykaa’s parent). In several cases, the brokerage has also cited valuation metrics, including P/E levels, while outlining what it expects in the March quarter (Q4) on growth and margins.

The six ‘Buy’ calls and the stated upside range

Nomura’s list spans both cyclical and consumption-oriented themes, with targets implying different return profiles. The highest upside in the set is for HAL, while the lowest is for Marico. APSEZ sits in the middle, supported by cargo volume growth and a relative valuation argument. Consumer staples exposure comes through Dabur, Marico and GCPL, while Nykaa represents internet and digital commerce.

The brokerage’s stated upside range is 20% to 62.2% across these six picks. Targets were also specified for each stock in the provided information, allowing a like-for-like comparison of Nomura’s positioning.

HAL: order book visibility, but engine-supply risk remains

Nomura’s positive view on Hindustan Aeronautics is anchored in its large order book, stated as more than ₹2.54 lakh crore, which is ₹254,000 crore. It says this provides clear visibility for programmes such as the Light Combat Aircraft. Nomura has maintained a ‘Buy’ rating and cited an upside potential of about 62.2%, with a target price of ₹5,954.

The note also flags near-term execution constraints. FY26 revenue was said to be below estimates due to supply chain issues, specifically delays in engine supplies from General Electric impacting aircraft deliveries. Nomura said it has updated earnings forecasts and expects supplies to improve gradually.

On valuation, HAL was stated to be trading at around 36.7x P/E, close to its historical average, while peer Bharat Electronics was cited at 52.35x P/E.

APSEZ: volume growth and valuation support

Adani Ports and Special Economic Zone received a ‘Buy’ rating with a target price of ₹1,850, implying about 34.3% upside. Nomura cited FY26 cargo volume growth of 11% year-on-year, with container traffic highlighted as a key contributor. It also pointed to APSEZ’s diversified port and geographic exposure as supportive during periods of geopolitical impact.

Valuation was part of the argument. APSEZ was stated to be trading at about 25.84x P/E versus a peer median of 45.26x, which Nomura framed as relative undervaluation.

Dabur India: demand recovery thesis, near-term softness noted

In consumer staples, Nomura maintained a ‘Buy’ call on Dabur India with a target price of ₹600 and an expected upside of about 44%. It also cited the stock’s P/E at 40.33x. On near-term performance, Nomura said Q4 growth is expected to be moderate, with healthcare and beverage segments under pressure.

Despite that, the brokerage’s longer-term view is linked to gradual domestic demand recovery and Dabur’s brand strength and loyalty, as outlined in the provided text.

Marico: Q4 growth in low twenties, 20% upside

Nomura rated Marico ‘Buy’ with a target price of ₹900, implying around 20% upside. The stock’s P/E was cited at 50.23x. For Q4, Nomura expects revenue growth in the low twenties, supported by volume gains and improving demand trends.

The information also states that Marico reported low twenties year-on-year revenue growth in Q4 FY26, and that operating profit growth is expected to be in double digits. In addition, lower coconut prices were mentioned as a potential tailwind for margins.

Godrej Consumer Products: near double-digit Q4 growth expected

Godrej Consumer Products was also rated ‘Buy’, with Nomura projecting about 49% upside and a target price of ₹1,525. The stock’s P/E was cited at 55.88x. Nomura expects near double-digit revenue growth in Q4, led by strong volumes in India.

It also expects the company to offset cost pressures through pricing and savings, a key point for staples companies navigating input cost volatility.

Nykaa parent FSN E-Commerce: high growth, high valuation

FSN E-Commerce Ventures retained a ‘Buy’ rating with a target price of ₹305 and an implied upside of about 24%. Nomura highlighted strong momentum in beauty, personal care and fashion. It expects Q4 revenue growth in the high twenties, and said fashion could be a key growth driver.

The valuation risk was explicitly noted. FSN E-Commerce Ventures was cited at roughly 505x P/E, far above the industry average of 124x, indicating elevated expectations embedded in the stock.

Key data table: Nomura targets, upside and valuation cues

Market impact and risks mentioned: geopolitics and supply chains

The provided information notes that the Middle East conflict remains a meaningful risk, with the potential to disrupt shipping routes and lift freight and insurance costs. That can spill over into supply chains relevant for ports and consumer companies, especially where imports are critical.

For HAL specifically, the major operational risk cited is the delay in engine supplies from General Electric, which has affected aircraft deliveries and contributed to FY26 revenue being below estimates. Nomura expects gradual improvement in supplies, but the near-term constraint is clearly identified.

Why this basket matters: defence visibility, port throughput, consumption and digital commerce

Across the six names, Nomura’s thesis leans on visibility and resilience. HAL’s order book is positioned as long-duration visibility for defence manufacturing programmes. APSEZ is framed around throughput growth and diversification benefits, supported by a lower P/E than the peer median cited.

In consumer staples, the brokerage’s stance is that gradual demand recovery and brand management can support growth, even if parts of the portfolio face near-term pressure. For Nykaa, the core argument is momentum in beauty and fashion, balanced against the explicit point that valuation is significantly higher than the stated industry average.

Broader context: Nomura’s India equity stance

Separate from the six-stock list, the provided information also mentions Nomura’s broader optimism on Indian equities, including an end-2026 Nifty target of 29,300. That level was described as implying around 12% upside from a referenced close of 26,032.20. However, it also cautioned against “richly valued, narrative-driven” stocks, emphasising selectivity.

Conclusion

Nomura’s ‘Buy’ calls on HAL, APSEZ, Dabur, Marico, Godrej Consumer and FSN E-Commerce Ventures combine stated upside targets with company-specific triggers such as order visibility, cargo volumes and Q4 growth expectations. The same set of notes also highlights identifiable risks, including geopolitical disruption to shipping routes and supply constraints like engine delays at HAL. Investors tracking these names will likely focus next on Q4 updates and whether the operational assumptions highlighted by the brokerage play out as expected.